RiveX AMA Recap

Rivex AMA Recap

CryptoDiffer team

We are glad to meet here:

Mark Tan (@frenchie) Co-Founder at Rivex

Alen Ng (@AlexNg89) Co-Founder at Rivex

Aljaž Tišler (@ATisler) CMO at Rivex

Lyam van Zyl (@LiamvZ) Global Community

Alen Ng
Co-Founder

Hi everyone, I’m Alex, CEO and Co-Founder of RiveX. I graduated from a local Malaysia University with Bachelors degree in Electrical and Electronic Engineering. Prior to launching RiveX, I served as a systems administrator and systems engineer at Dell for 5 years. My passion in blockchain or distributed ledger technology is what led me to start RiveX as I want to build a solution that can bridge the gap between the centralized and decentralized space.

Lyam van Zyl
Global Community

Hello community! My name is Liam, I got into the crypto space in early 2016, and have been passionate ever since. I currently work for Wanchain as the community lead for Africa and I am the global community lead at RiveX. I am here today to assist Mark, Alex and Aljaz with the AMA session. Goodluck and have fun!

CryptoDiffer team

Q: Can you briefly describe what is Rivex in 3-5 sentences? What technology stands behind RIVEX and why it’s better than the existing one?

 

Alen Ng
Co-Founder

RiveX tagline is Layer 2 Blockchain as a Service and we want to build a scalable layer-2 on-chain and off-chain solution on Wanchain protocol and private chains. We would like to  combining the strength and virtues of both public chains and private chains to empower a scalable enterprise economy and decentralized finance.

 

CryptoDiffer team

Q: What are the major milestones you have achieved so far?

Alen Ng
Co-Founder

Probably let me disclose some, we are currently on development stages right now with product that is in the midst of testing. While on development we are also in the midst of triking partnership deal so do stay tune on our official channel for all this to be publish soon.

 

Cryptodiffer Community

♦️ Why Rivex? What Problems are you Solving & why it is Important to be solved?

♦️ How can community use Rivex & Earn some Bucks by using Rivex?

 

Lyam van Zyl
Global Community

RiveX allows Individuals to choose to be the provider or the user. By being a provider, the individual will be incentivised for assisting the network by pledging their own unused storage (becoming a storage node) or by assisting in securing the network during data retrieval (becoming a validator node). Being a user, the individual will be given assurance on data availability as well as the option to share their data set publicly or privately (encrypted).

 

Alen Ng
Co-Founder

We want to enable a decentralize enterprise economy via our core decentralize cloud storage model as there will be no single entity governing this space thus eliminating the single source of failure. As to how community can earn is by being our provider via provisioning of storage node or securing our network via the validator model as both this action will be incentivize.

 

Cryptodiffer Community

I read in your group that you aren’t actually competing with any of your “competitors” but you actually try to cooperate in order to bring your project into a brighter picture, can you explain how do you plan to achieve this when in most cases these competitors that try to cooperate look at their benefits even if it damages you?

What is the releationship between Rivex and Wanchain and it’s part in the ecosystem in Rivex chain? 

Lyam van Zyl
Global Community

Instead of focusing on competitors, RiveX allows for bridging of centralized and decentralized solutions. Enterprises can seamlessly integrate the RiveX solution with their own currently used centralized solutions. Why would enterprises choose RiveX EROX over other solutions? Plain and simple. Our solution is decentralized and offers more Privacy and Security for enterprise data

Cryptodiffer Community

Any plans to compete with existing DeFi apps such as Compound, Celsius, and etc.?

Alen Ng
Co-Founder

We actually do not want to compete but strike to co-exist and also work together with existing DeFi apps as we offer storage, something that can help them with data storing for analytics purpose which enable them to scale their existing nature of bussiness

Cryptodiffer Community

It is known that next time rivex will launch additional features of EroX – xSign, xBNS and RiveX.TV. This is quite interesting, can you briefly introduce them as well as their main functions?

Lyam van Zyl
Global Community

So xSign offers blockchain-based digital signatures for any type of documents. Enhance your workflow and security of sensitive files, the next-gen digital signature which comes with world class security and privacy.

xBNS is blockchain-based domain name service. xBNS enables engagement between IPFS hashes, smart contracts and wallet addresses.

and RiveX.TV is a decentralized protocol and network designed to create a content-addressable, peer-to-peer method of storing and sharing hypermedia in a distributed file system. Similar to a torrent, RIVEX.TV allows users to not only receive but host content.

Cryptodiffer Community

What does the  roadmap of Rivex tells over the next 6 months and 12 months?

What future developments would you expect would be most appealing to larger institutions?

Lyam van Zyl
Global Community

Our roadmap is available on our website rivex.io with a detailed expansion of what we aim to achieve over the next couple of years

We expect EROX, our enterprise super app to be the most appealing to institutions

 

Cryptodiffer Community

How does Rivex plan to mantain the robustness of its decentralized storage network, that is mantain the adequate number of nodes (machines) online to provide for a seamless user experience (fast and uninterrupted access to data)?

Alen Ng
Co-Founder

The architecture model that we are currently designing will bundle with existing centralize network solution i.e load balance structure to promote redundancy and higher throughput. When i say bundle, it does not mean that the decentralize element is lost as it will still be a distributed ledger technology just using centralize idea to design the architecture. Via this solution as well we can ensure content that has less traffic will not be lost due to missing/off nodes.

Cryptodiffer Community

What is the role of Wanchain in Rivex ecosystem? I see many developers from your team and developers come from Wanchain.

any other exiting partnerships do you plan to announce soon?

Lyam van Zyl
Global Community

RiveX will be building on Wanchain, taking advantage of their interoperability. This is important since RiveX is building enterprise solutions, and current enterprises operation in siloes (no comminication with other chains) Cross-chain communication solves this issue by allowing any enterprise solution built by RiveX to communicate with other public chains such as Bitcoin and Ethereum for transfer of value, as well as private chains for transfer of data.

 

Cryptodiffer Community

Recent events with Facebook’s Libra show the government’s suspicion of a decentralized free economic environment not under government control. 

With Defi as a major pillar, what preparations do you have for this government disapproval?

Alen Ng
Co-Founder

Our Chief Legal Officer will ensure that we actually comply with all law and regulation. Clamping by government or legal entity is forseen as we are in a space that always promote on disruptive technology. As to the preparation, it is still very vague but our Defi pillar planning as of now are all token base and there is no fiat currency involvement.

 

Cryptodiffer Community

Q1: What do you think about the community support to a project? When I visit your community pages  I saw this about followers. (Twitter: 50, Medium: 18, Telegram: 579, Github: 1). I guess this is because your project is new but what steps you will take to grow,expand your community? What are your future plans to involve more with community?

Lyam van Zyl
Global Community

We see the community as one of the most important aspects of a project. Without a community, a project is just an idea. We are building a strong core community, which takes time. We have a lot of fun activities to increase community involvement including AMA’s and an upcoming quest. Stay tuned for more details

 

Cryptodiffer Community

What problems of current centralized data storage you aim to solve and why is it important for RiveX to solve?

Alen Ng
Co-Founder

The one major issue will be the presence of authority governing the centralize data storage space. An example will be recently Infura nodes actually went down and that cause Binance trading to halt as well. Via a decentralize cloud storage model, we can ensure that the data are distributed and prevented this issue.

Cryptodiffer Community

What types of users are there in the market that you are focusing on?

Lyam van Zyl
Global Community

From enterprises to end users, RiveX will cater for all types of users. Our enterprise solutions aren’t just for big enterprises. End users can participate in the network by renting our their unused storage space, by becoming a storage node they can be incentivised for pledging their unused resources

Cryptodiffer Community

1/ The core component under Blockchain as a Service (BaaS) on Rivex is EROX. It comprises an online office suite, featuring tamper-proof digital signatures, blockchain name service (BNS) and Interplanetary File System (IPFS) technology. So, which ideas did lead Rivex team to choose these fields to enter in Enterprise level project building since there will be a lot of competitors for each field and can Rivex team ensure to handle all these works for each product with high quality standard?

2/ On Rivex White Paper, Proof of Stake has been mentioned. Does this mean staking will be available on Rivex since staking seem to be popular right now on many blockchain projects to encourage investors to hold tokens and make it healthful for project ecosystem and which requirements does it need  for staking as well as how does reward base on?

Alen Ng
Co-Founder

1) you can see big enterprise like Grab and Facebook is building a superapp and seldom we see an enterprise superapp thus we decided to develop a portal that link these feature into it so not only enterprise can benefit from this but also individual can benefit from the ease of having one portal to perform the action that they need.

2) Yes, staking will be enable. As of now we are on planning stages so once our economic paper and architecture is done, we will be releasing them on our official channel so do stay tune.

Cryptodiffer Community

What problems exist in businesses that EROX can solve? What types of business is this technology suitable for?

Lyam van Zyl
Global Community

EROX allows for seamless integration with existing centralized solutions giving enterprises the option to choose which data sets are made public and which are made private. This is possible using the RiveX hybrid chain model, giving enterprises access to public and private chains. So to answer your question, imagine a business has sensitive data sets which are critical to the future of the business. Would they want this data to be stored on centralized servers putting all their trust into a centralized authority? Or would they prefer to encrypt this data and distribute it across a decentralized peer-to-peer network where the data is fully secure and not prone to any sort of problems such as down time, data breaches etc.

Cryptodiffer Community

Main question: We know that Rivex with enterprise solution might change the tradition way of data Storage in near future. But problem is that blockchian and decentraliztion is still new with Asia people. So what your strategy marketing to attract users and persure enterprises into your chain?

Sub question: Im so impressed with NOVA, being a pro trader, what his role in your team?

Alen Ng
Co-Founder

1) We would like to say we are well position in the SEA region on the adoption rate as our lead investor are from the blockchain education background which enable us easier penetration into enterprise space and accelerate our adoption rate. Besides that we are also using a freemium model to atract individual from using our solution as well via the ease of having what they need to do hosted on just one portal instead of multiple different one

2) Nova will be our main market maker go to guy and advising us matter related to the trading side.

Cryptodiffer Community

Why RiveX protocol uses Decentralized based Cloud Storage system ? Explain some benefits of Decentralized Cloud storage over centralized cloud storage .

Explain some benefits and utilities of Rivex Token ? also whats the use of RiveX tokens in Rivex entire ecosystem ?

Lyam van Zyl
Global Community

Decentralized cloud storage has many benefits over centralized solutions. Some of these include lower costs, more privacy and security, less prone to downtime and data breaches etc so it only makes sense to build RiveX solutions around a decentralized solution. 

RVX token serves as an incentive model for validator and storage node participants. Application stacks built on RiveX ecosystem can leverage on RVX as a fuel of any decentralized applications.

Cryptodiffer Community

Enterprise solutions are a secondary part to Enterprise partnerships. Are you in contact with any Enterprise already..

There are already many projects in the storage space like storj, siacoin, filecoin etc. How do you compete with them in the storage space particularly

Alen Ng
Co-Founder

For the first part, do stay tune as we will be announcing our partnership soon. As for the latter question, we do not want to compete with existing project but strive to co-exist. We are open to integrating their solution as well as envision that certain features of ours will assist them to scale much faster. Via this working together model, we can ensure that the decentralize ledger technology space will mature quicker which brings better benefit to the space.

Cryptodiffer Community

Your Roadmap starts from September with some good level of development. Please share the development status for Q3 2019 and if there already is some delay or everything is running on time.

Also plz throw some light on Eros and Lanchain

Alen Ng
Co-Founder

Our first product launching will be soon and we do run into some roadblock during testing phases however most are minor bug however the big plan is still on schedule. Do go through our medium article related to EroX however there is one feature that will really capture the attention of everyone which is the blockchain name system as one can easily create their own naming convention and use it for data transfer so do stay tune. As for Lanchain, currently me and dev is working on designing the architecture model and will perform migration soon on our token contract to wrc standard.

Cryptodiffer Community

Why should one use Eros when there are already ms office & other services are available ? How different & useful are these from already existing services ?

Lyam van Zyl
Global Community

EROX, Enterprise file share and sync, offers many advantages over current centralized solutions. Not only that, it can be seamlessly integrated with other centralized solutions so that enterprises have the choice of which features they would like to use. EROX comprises of an online office suite, featuring tamper-proof digital signatures, blockchain name service (BNS) and Interplanetary File System (IPFS) technology.

A detailed explanation of EROX can be found here: https://medium.com/@RiveXOfficial/erox-the-enterprise-super-solution-explained-c5c776c0e6c0

Cryptodiffer Community

How does RiveX technology save unused bandwidth? How is your cloud storage technology more special than other cloud technologies?

Lyam van Zyl
Global Community

It works like this. Lets say you have 1TB unused storage on your computer, you can then pledge this unused space and run a storage node, for doing this you get incentivised with RVX tokens.

 

Cryptodiffer Community

What makes Rivex as successful as it is now ?

Aljaz Tisler
CMO

Signed partnerships, customers, community engagement and investments into RiveX ecosystem.

Cryptodiffer Community

i’ve a question, where do you see the crypto space being in the next 3-5 years? and how will RiveX be part of it?

Aljaz Tisler
CMO

This question is a bit personal. Everyone has different views about crypto space. At RiveX we hope that in 5 years we will still have a presence in crypto space 🙂

Cryptodiffer Community

1- You talk about Cambridge Analytic scam, so I can sense that for you, Data, Security, & Privacy is the primary concern; how RiveX ensured to handle enterprise-level data securely while in the DeFi segment, it’s more important?

2 – Well, You are saying that you will use unused space from different soft/hard drives and provide secure servers, how you will ensure the server speed for the end-user? 

Alen Ng
Co-Founder

1) You are correct that these factors are the primary concern for us thus our architecture design actually take into account all these factors during planning. There are layout in the whitepaper discussing this as well however do stay tune for an updated technical paper that is being drafted now.

2) One of our consensus model is proof of bandwidth and we will provide more incentive should one’s storage node actually provide better bandwidth to client. Beside that our solution of segregating storage node as per region actually enable client to reach the nearest nodes to retrieve data.

Cryptodiffer Community

Enterprise solutions are a secondary part to Enterprise partnerships. Are you in contact with any Enterprise already..

There are already many projects in the storage space like storj, siacoin, filecoin etc. How do you compete with them in the storage space particularly

Aljaz Tisler
CMO

We are in contact with many SEA enterprises – some have already signed partnership agreements. 

We believe we offer more than all the projects you just listed. We are trying to develop a superapp.

 

Cryptodiffer Community

Q:How will DeFi impact RiveX?

Lyam van Zyl
Global Community

It should be, how will RiveX impact DeFi? RiveX has a lot of focus on DeFi (Decentralized Finance) since the team has a strong financial background with decades of experience, they are focused on rebuilding finance using the highly advantageous blockchain technology of todays world. We are currently building a lot under the DeFi pillar including the worlds first cross-chain DEX being built by both RiveX and Wanchain.

Cryptodiffer Community

Q. As i read, For using RIVEX Decentralized Storgae Services at Enterprise, Basic or Business levels we need to Pay Service fee. why we need to pay that fees?  

Q. You are using Hybrid-Chain Technolgy. What are its advantages to RIVEX?

Alen Ng
Co-Founder

1) Part of this fee are actually use to incentivise the provider i.e. storage nodes provider. With that say as well, the higher tier package actually provide more resources and project will definitely need to generate revenue so we can continue to offer more service to the community. However we do have the free tier that user can enjoy using as well and we do hope community will use them and provide feedback to us so we can improve the solution. 

2) Via a hybrid-chain model, we can bridge to the centralize space as for an enterprise, there are certain process which are meant for internal however with the introduction of public-chain, certain process can be migrated to use blockchain technology thus creating the true value here.

 

Cryptodiffer Community

Scanning through your WP,  it’s clear you choose to use the Proof of Stake &  Proof of Bandwidth technologies,  kindly clarify the reason for choosing this hybrid technology amongst many others in the crypto space?

Mainstream adoption is a key challenge for crypto projects, kindly highlight your plans on getting RiveX technology adopted and increasing its utilization quotient in public?

Alen Ng
Co-Founder

1) We are well position in the SEA region for adoption as of now due to our lead investor and our exposure to SEA blockchain event. 

2) Introducing validator model which uses the proof of stake consensus mechanism assist to secure the network from malicios actor while Proof of bandwitdh ensure that our provider actually contribute to higher throughput for our client as we would like our userbase to enjoy the speed of retrieving data at a fast and reasonable rate. It is also use as a measurement to how we incentivise our storage nodes providers as well.

Cryptodiffer Community

Q: How many languages are supported of your project?

How many members are there in your team? What qualifications are required for future new members who want to be part of your team?

Alen Ng
Co-Founder

Currently our development is base on 2 language which is English and Chinese. We are close to a 20-man team now. Do stay tune as we would like to have community members and developers to be helping and contributing to our project as well. These are all in planning stage so do follow all our official channel to keep up to date with the news we will be bringing.

 

Cryptodiffer TEAM

Guys! thanks for your answers!

Community thanks for questions! It was really interesting

Thank you for taking your time!

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